To view the PDF file, sign up for a MySharenet subscription.

EASTERN PLATINUM LIMITED - Sale of Assets: Eastplats receives Shareholder approval and Hebei Zhongbo receives Chinese approvals

Release Date: 06/02/2015 13:17
Code(s): EPS     PDF:  
Wrap Text
Sale of Assets: Eastplats receives Shareholder approval and Hebei Zhongbo receives Chinese approvals

EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038


NEWS RELEASE

EASTPLATS RECEIVES SHAREHOLDER APPROVAL AND
HEBEI ZHONGBO RECEIVES CHINESE APPROVALS
FOR THE SALE OF ASSETS TRANSACTION

February 5, 2015, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the
“Company”) is pleased to announce that at a special meeting of shareholders held earlier today, it
has received overwhelming shareholder approval for the transaction with Hebei Zhongbo
Platinum Co. Limited (“Hebei Zhongbo”) whereby Hebei Zhongbo would acquire the
Company’s entire South African platinum group metal business (including a majority of the
interests held by the Company’s existing minority partners (“Minority Interests”)) and all loan
agreements that Eastplats has with its subsidiary companies for a total gross consideration of
US$225 million payable in cash on closing (the “Acquisition”). The net proceeds of the
Acquisition transaction to the Company, net of the Minority Interests buy-out, finder’s fee and
estimated transaction costs are expected to be approximately US$175 million.

Eastplats is also pleased to announce that it has been informed by Hebei Zhongbo that it has
received all necessary regulatory approvals from the People’s Republic of China in connection
with this transaction. Closing of the Acquisition remains subject to certain other conditions,
including the necessary regulatory approvals from South Africa, and is expected to occur during
the second quarter of 2015.

The Company has been advised by the Toronto Stock Exchange (“TSX”) that, on closing of the
Acquisition, it will have up to 120 days to meet the original listing requirements of the TSX and
maintain its current listing, failing which the Company’s shares will be subject to delisting from
the TSX. In such an event the Company intends to make application to list on the TSX Venture
Exchange so as to maintain a Canadian listing for its shares. The Company’s shares will
continue to be listed on the Johannesburg Stock Exchange on closing of the Acquisition.

For further information, please contact:

EASTERN PLATINUM LIMITED
Ian Rozier, President and CEO
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
                                            

JSE SPONSOR
David Tosi
PSG Capital (Pty) Limited
Email: davidt@psgcapital.com
Tel: +27 21 887 9602

No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.

Cautionary Statement Regarding Forward-Looking Information

This press release contains ‘forward-looking information’ within the meaning of Canadian
securities legislation. Forward-looking information in this press release includes information
about the completion, timing and potential benefits of the proposed transaction between
Eastplats and Hebei Zhongbo. These forward-looking statements are subject to a variety of risks
and uncertainties which could cause actual events or results to differ materially from those
anticipated, including, the contemplated transaction not being completed as a result of a number
of factors including, without limitation, required regulatory approvals not being obtained and
other risks and uncertainties. Readers should not place undue reliance on the forward-looking
information contained in this news release. Eastplats does not undertake to update any forward-
looking information, except as required by applicable securities laws.

Date: 06/02/2015 01:17:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story